Should a BNB chain-supported memecoin be on your radar? We take a look at WHY, an elephant-themed memecoin currently making waves in the market.
- WHY attempts to make its way into the mainstream with its brief push above $100 million market cap. This article explores further details including its involvement with BNB chain, and tokenomics.
Elephant-themed memecoin WHY made its way into unexplored territory on 22nd July after its market cap clipped the $100 million mark. This move also resulted in it achieving a new all-time high, hence warranting some investigation.
WHY price recap
WHY’s impressive market cap gain allowed it to secure a 50% upside from the day’s low of $0.0000002194. The rally allowed to peak at $0.0000002491, which is its new ATH so far.
Although impressive, its price action has since regressed back to pre-pump levels. Shaving off roughly $7.4 million from its market cap.
source: Coinmarketcap
The performance in the last 24 hours had the makings of a pump and dump. However, zooming out to the weekly performance revealed that it had been rallying for the last seven days.
In fact, it still traded at a 31% weekly premium despite wiping out its progress in the last 24 hours.
WHY, the elephant in the room
WHY’s price action in the last few days signifies the start of bullish momentum. Address activity may offer insights into what’s going on.
Lookonchain revealed that new wallet addresses were recently created and used to purchase WHY with BNB withdrawn from Binance.
Those reportedly created addresses raise suspicion that the move may have been aimed at bringing more attention to the WHY memecoin. Especially when you consider that the gains in the last 24 hours were wiped out and price returned to the same pre-pump levels
Is it worth the hype?
Perhaps “why” is not the question but “what.” On the surface it may appear as just another memecoin in a segment currently saturated with memecoins.
We embarked on finding out what sets it apart and here’s what we discovered. WHY was the first memecoin funded by the BNB chain as part of its Meme Heroes LP support initiative.
The BNB chain launched the initiative as part of an effort to spice things up in the memecoin department. An effort aimed at competing with other networks such as Solana which experienced explosive growth in memecoin-related activity so far this year.
While the BNB chain’s involvement may add some merit to the WHY memecoin, we also found that it has an active presence and community on X with over 23,000 followers. Our evaluation of its tokenomics revealed that it has 420 trillion tokens and all of them in circulation.
Based on our findings, we concluded that if the current hype manages to push into the mainstream, then WHY could be like finding Dogecoin in its early days.
In addition, it is currently available in a few exchanges and not listed on major exchanges. Listings on major exchanges may expose WHY to robust liquidity inflows in the future. Its involvement with BNB chain suggests a Binance listing potential in the future.
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